What Events Trigger Changes to the Estate Plan? Part Two

Most events can be broken down into three categories Personal, Financial
and Legal. The following is a review of several common events in the Financial
category, but it is by no means exhaustive:

Financial Events

Increase or decrease in wealth

Increase or decrease in life insurance

Change in allocation of taxable vs. tax-deferred or tax-free investments
(e.g. the beneficiaries and form of distribution should be reviewed in
the context of the overall estate plan)

Real estate purchases and sales (in-state)

Real estate purchases and sales (out-of state)

Changes in the financial status of a beneficiary

Business changes (start-up, purchase, sale, anticipated transfer during
life or after death)

Gaining a dependent (e.g. parents or other relative)

Losing a dependent (e.g. child becomes financially independent)

Beneficiary or beneficiary’s spouse gets into financial troubles.

Estate planning is not an event…it is a process. It is prudent to
review your estate plan every year. If you think it may be time to review
and/or update your Estate Plan, please give us a call at (203) 651-5521
or use our online contact form
HERE.

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